asianxtreme
Member
Congratulations! You saved $12/year
Haha. Again, it was the unsecured part. I'm probably going to end up paying off early anyways (like <1 year)
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What is best financing rate now?
- Thread starter bartekr
- Start date
Haha. Again, it was the unsecured part. I'm probably going to end up paying off early anyways (like <1 year)
THX723
Member
I think you're missing the poster's point? The 0.1% or $12/year saving isn't the win. The win is wrt to having an unsecured loan.Congratulations! You saved $12/year
THX723
Member
Well you're certainly not wrong about that. The advantage of an unsecured vs. secured loan really depends on each person's situation. I like several others here find that it's one less major shenanigan to deal between Tesla and the bank (e.g. Tesla, Where's my serialized MVPA? or Banker, When was my cashier's check sent to Tesla?, etc.)
Ya simply walk in as a cash buy paid in full on delivery day. Easy as pie.
asianxtreme
Member
Yep. Exactly. I just don't like hassle. If I had it my way I would do everything online and only have to put on pants when they deliver the car to my door
Sg911
Member
It's so much simpler to complete the process, since you don't have to do any paperwork with Tesla to get the lender on the lien, or as loss payee for insurance. There was a ton of paperwork left to do to complete the loan with my CU, and basically nothing with Lightstream - just statement of income/assets and a credit pull.
Slumpey326
Member
You need to join the Somerville ma garden club for $25 which they reimburse you for.
You do have to come apply in person.
Somerville's CU – Home
Slumpey326
Member
You absolutely can. There's no prohibition of it. It's a pretty low tech branch so you will have to come in to open the account and sign the paperwork for the loan. Outside of that you can live wherever you want.
Knightshade
Well-Known Member
Ditto.
Their customer service so far has been competent and excellent- the exact opposite of Teslas delivery folks
Has anyone gotten LightStream to Rate Beat the Tesla-provided financing? Tesla approved me through US Bank, LightStream approved me for unsecured loan as well, but at higher rate. My timeline has been very short, car was ready less than a week after I ordered, so I haven't been able to get any others approved and worked out.
Just not sure what LightStream will take accept, I sent the screenshot of my Tesla account page showing the approved loan, will that do it? Can someone at Tesla send me something better?
Also, everything seems to say that LightStream will have money in my account by Tuesday since I'm approved today, does that match everyone else's experiences?
Just not sure what LightStream will take accept, I sent the screenshot of my Tesla account page showing the approved loan, will that do it? Can someone at Tesla send me something better?
Also, everything seems to say that LightStream will have money in my account by Tuesday since I'm approved today, does that match everyone else's experiences?
I get that secured v unsecured may not matter to everyone...but an unsecured loan has several advantages and very few if any disadvantages. Unsecured loans offer protection, financial flexibility, and generally convenience.
Protection: nobody can repossess your car should you fall on hard times; they can come after you for money but you'll be able to drive to work/job interview
Flexibility: let's say you do fall on hard times, you could sell your car and use the proceeds to continue paying your bills -- you wouldn't have to immediately turn over the bulk of the money to the bank that really owns the car
Convenience: since you own the car, selling it is easier...no hassle re: mailing title and all that jazz...and buying the car is arguably easier too since you are a 'cash' buyer
Anyway, I completely get that many people wouldn't care one whit about any of these so called advantages...but I always plan for catastrophe so I'd pick unsecured debt over secured debt every time.
Lastly, fwiw, apparently not every light stream auto loan is unsecured...they just approved my loan but it is a secured loan. I already have a hefty unsecured (pool) loan from Lightstream so I'm guessing they didn't want to double up on the risk there but thought it was worth pointing out that even if you apply, you may not get an unsecured loan.
Protection: nobody can repossess your car should you fall on hard times; they can come after you for money but you'll be able to drive to work/job interview
Flexibility: let's say you do fall on hard times, you could sell your car and use the proceeds to continue paying your bills -- you wouldn't have to immediately turn over the bulk of the money to the bank that really owns the car
Convenience: since you own the car, selling it is easier...no hassle re: mailing title and all that jazz...and buying the car is arguably easier too since you are a 'cash' buyer
Anyway, I completely get that many people wouldn't care one whit about any of these so called advantages...but I always plan for catastrophe so I'd pick unsecured debt over secured debt every time.
Lastly, fwiw, apparently not every light stream auto loan is unsecured...they just approved my loan but it is a secured loan. I already have a hefty unsecured (pool) loan from Lightstream so I'm guessing they didn't want to double up on the risk there but thought it was worth pointing out that even if you apply, you may not get an unsecured loan.
Slumpey326
Member
Do rates go up right away for credit unions if the fed fund rate goes up on Wednesday. Didn’t know how much of an impact it would be.
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